Non-Dom Regime Reforms

One of the most high-profile announcements in this year's Budget was the abolition of the UK's current tax regime that applies to UK resident, but non-UK domiciled individuals ("Non-Doms").

In the Chancellor's own words the Government intends to replace it "with a modernised regime that is simpler and fairer", that applies to those newly resident in the UK (irrespective of their domicile). These changes are scheduled to come into effect in the tax year beginning 6 April 2025. Whilst this depends on the Conservative Party winning the next General Election, the Labour Party had already announced plans to abolish the Non-Dom regime if they were to come to power. It is not yet clear whether they would do this by implementing the Budget changes or by proposing their own modified regime.